Neglect of probability
Tendency to ignore probability when making decisions in uncertain conditions. Small risks are either ignored or over exaggerated. Eg. Risk of death due to nuclear power plant failure.
Cause
We have no intuitive grasp of risk and thus distinguish poorly among different threats. We also lack an intuitive grasp of probability.
Consequences
Creates unwarranted fear. Neglect of probability also figures in the purchase of lottery tickets.